​DALLAS - JP Morgan Asset Management is partnering with Transwestern Development Co. to build the 164-unit rental community at the northeast corner of Preston Rd. and Northwest Highway.

The development will replace aging apartments on the high-traffic corner and comes after more than a year of negotiations with nearby residents.

Called The Laurel, the four-story project is just across Northwest Hwy. from the Preston Center shopping and office district.

“This luxury product will be comprised of larger homes that cater to the nearby down-scaling and renters-by-choice that want to stay in this prestigious neighborhood with the bonus of the adjacent Preston Center amenities,” said NorthMarq’s Stephen Whitehead.